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Cyprus News Agency: News in English, 11-09-13
CONTENTS
[01] CB GOVERNOR CYPRUS ECONOMY
[01] CB GOVERNOR CYPRUS ECONOMY
Central Bank Governor Athanasios Orphanides, has described as very
encouraging the efforts of Minister of Finance Kikis Kazamias, to put
in order the islands finances.
Orphanides said it is imperative for all those involved, including
political parties and social partners, to help towards this effort.
In a speech at the Bank of Cyprus, Orphanides said that despite Cyprus
maintaining a healthy fiscal position in the onset of the global
recession, its public finances have since worsened rapidly, trapping it
to the eurozone financial crisis.
Following the fiscal deterioration, the Cyprus governments credibility
in the first six months of 2011 broke down and the state bonds
credibility questioned, said Orphanides.
The continuing downward trend and worsening of public finances in the
eurozone, poses an extreme danger about the stoutness of our economy,
especially as far as the financial services is concerned, where trust
is a fundamental precondition. It is essential, he added, that this
trend is averted the soonest possible.
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